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Series of measures aimed at easing current crisis
A new report from the Bank of England says that banks are expected to increase their lending facilities to businesses. There was around £9 billion gross new lending in February and £12 billion in March.
The Bank of England gleans its information from its own data but adds additional information from six other lenders.
The point of the report is to offer a long term view of lending amongst leading finance providers in the UK. The financial institutions included are Barclays, HSBC, Lloyds Banking Group, Nationwide, Santander and the Royal Bank of Scotland.
The Bank has introduced a embarked on a series of measures designed to kick start the lending process and has reduced the interest rate to 0.5% through 6 separate cuts, they have also introduced an Asset Protection Scheme and quantitative easing.
Mortgage applications have risen by about 20,000 in March compared with December, although this would be attributed to seasonal fluctuation also.
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